Business Debt Consolidation
Looking for a business debt consolidation loan or service to help with the cash crunch?
As a business owner with some debt, you might feel like your options are limited. But nothing could be further from the truth.
Just because your local lenders might not want to help doesn't mean you're out of luck. With all the different lenders that have come online over the last few years, it's now a lot easier to get the help you need, when you need it.
One of the most significant challenges that a business person can face is handling debt in a way that doesn't cost them big money. With your eye on the bottom line, you have to be able to run things so that you save money and come out ahead - even in tough times.
For those with business credit card debt, loan debt or both, debt consolidation services can be a solid option for reducing the monthly financial burden.
But what if you're credit isn't great? And what if you're current bank won't lend you any more money? Are there any programs out there for you? This guide shows you what your options are no matter what you credit situation is right now.
Securing Business Debt Consolidation that Makes Sense
If interest rates and payments have gotten to be too much of a strain on your business, then it's time to start looking for ways to consolidate your payments and reduce your costs.
You need to find something that will make your monthly payment more affordable and help you get by until things pick up again. This is where business debt consolidation comes in handy. By using this timeless financial tool, you can slash your monthly payments to more suitable levels.
But finding a good company with reasonable loan terms can be problematic... and time consuming.
That's where we come in.
We've compiled a list of the top 3 loan firms for businesses looking to consolidate. We also list another company that helps people or companies that don't qualify for typical consolidation loans because of their credit. We'll be adding more firms to the list in the near future as we find them.
They offer loans to small businesses and have a straightforward process for applying. Here are some of the features:
- APR of 10-28% for all term loans
- Offers 22% APR for line of credit
- It takes about 10 days to get your loan
- Loan term varies from 6 months to 4 Years
- Amount offered from $50,000 to $500,000 (term loans)
- Up to $500,000 for a line of credit
It takes 10 minutes to sign up. What small business loan can be requested for in 10 minutes? Not many.
This is incredibly helpful for any firm that needs funds quickly.
It takes ten days for them to vet the application, but in general, they take far less than this to let you know whether you qualify.
Variety of Plans
You are not pigeon-holed when it comes to the loan. You can customize it based on your firm's individual needs and circumstances.
This can save time, money and is very beneficial.
Vendor Payments Only Go Through Dealstruck
If you need a line of credit to purchase inventory, there is one important fact you need to know. Dealstruck pays your vendor directly for the inventory instead of giving you the money. Some people might consider this one of the cons to doing business with them when you get a line of credit for inventory.
You may consider this a drawback because you might not want your vendor to know that you borrowed money for the inventory. It is a small con, but one you should be aware of when getting business debt consolidation through them.
This is one lender which does an excellent job of helping small business owners. When it comes to lenders, you want to consider Dealstruck immediately.
The pros outweigh any con that is present. It is a no-brainer.
Fundation.com has been around since 2011 and has helped thousands of small business owners. This is a lender with years of experience for an internet company and a good understanding of what clients desire.
Let's take a look at how good this option is for any company requiring a loan.
- 8% to 30% APR (Cost of Funding)
- Offers Term Loans
- Offers Loans from $20,000 to $500,000
- Term Can Be Between 1-4 Years in Length
- Approval Can Take 1 Day
- Designed For Small Business Owners
- Requires Two Years in Business and $100,000 (Established Revenue)
Refinancing Is Simple
Let's say you want funds down the road. Can you refinance? Yes, after nine months you can go through the same process again.
It is just as easy the second time. In fact, it is faster as you have already showcased being a reliable client.
Customer relationship managers are top notch.
They assign customer relationship managers to each applicant. This saves time, and you have a direct connection to the lender. This is remarkable for those who want continuity.
Some of the requirements might push away smaller businesses.
For those who are newly entering the world of business, Fundation might not be a sufficient solution. They have an established "minimum" set of requirements which include a necessary $100,000 revenue request.
This can push the smaller businesses towards other options, especially if you're new and need credit card debt consolidation.
For those who qualify, it is a good option without a doubt.
Fundation is a fantastic option, to say the least. Small business debt consolidation loans are hard to acquire and this is as easy as it gets.
Compared to traditional lending institutions, companies like Fundation are much easier to work with. The whole process is much faster and streamlined because it's all done online and there's no need to make so many phone calls or have a bunch of face-to-face meetings with a lender.
This firm might have better interest rates than the other 2 listed above, but you need great credit to qualify. The reason is because they are backed up by a government agency - the Small Business Administration.
However, if you know that your credit rating is really good, then you should definitely try this service. One of the great features of their loans besides being backed by the SBA is that the length of the loan can be up to 10 full years. This gives your business a good amount of time to pay the money back if you feel like you need that long.
But again, it can be hard getting approved for their SBA backed loans.
Consolidating Business Debt without a Loan
The 3 business debt consolidation companies listed above are firms you can use when you are looking for a loan. But your business may need to consolidate debt without a loan.
You may have the type of credit that doesn't allow you to qualify for any loan that requires a stellar credit rating. What are your options then?
How can you get the help you need to deal with your business debt? How will you keep your company afloat without putting yourself in an even bigger financial bind? How can you increase your cash flow again?
This is one of the toughest circumstances for a business owner to deal with. And there are no easy answers. But there is one company that says they can help. Curadebt claims they can help businesses deal with their debt even if they have poor credit.
They are worth a try if you can't get help anywhere else. They don't offer loans. Instead, you'll be put into a monthly program designed to help you manage your finances better.
That wraps up our guide to dealing with business debt. Check back soon, as we will be updating this guide frequently with more companies and solutions.